THE SKALE CRASH COURSE FOR THE CRYPTO BEGINNER
In this Topics:
1. Introduction
2. Vision and Mission
3. How SKALE Network solve problems.
4. What are the uniqueness of SKALE to Ethereum Blockchain.
5. Features of the SKALE project.Then under features, the following factors will be discusses:
a. Security
b. Tolerance
c. Validators
6.How Validators And Delegators Were Paid In Skale Network.
7. How SKALE can be Deployed, Integrates and created on the Ethereum network.
8. What are the Elastic sidechain within the SKALE Network:
a. Elastic Sidechains
b. What is the Causes of Elastic Sidechains Destruction
c. How To Create Nodes On SKALE Network
d. What is The Causes of Nodes Destruction
9. SKALE Token supply and Exchanges
10. Conclusion and Recommendations
11. Ratings.
Topic 1: Introduction
Many years back, Blockchain as being proofing to be the valuable networks for every individuals and investors who as the believes in the online business, and the goals of Blockchain is to always allow digital recorded and distributed among the various countries in the world. With this, there are some of the decentralized blockchain networks that are common and widely used in all over the countries but Bitcoin and Ethereum decentralized as being the major networks used in blockchain communities. In my SKALE crash course review, I will like to discuss one of the major successful project on Ethereum decentralized network and to also helps the community to know how project is developed and how the dapps as being deployed on the ethereum network most especially for the newbies.
SKALE is an elastic blockchains network with a decentralized consensus that designed to run on Ethereum compatible system with an uncapped number of independent nodes and which providing adequate data in multiple high standards of performance on the decentralized blockchain platform. This project was owned by N.O.D.E foundation(The Lichtenstein Foundation) which Stan Kladko is the PhD Co-Founder/CTO while Jack O’Holleran is the Co-Founder/CEO and we can find more information about the team here.
Topic 2: Vision and Mission of SKALE Network
SKALE networks is dedicated to delivering efficient and effective decentralized platform with the sole aims to advance development of Web3 technologies and make decentralized web more user friendly and accessible for developers, validators, and end users, some of the information can be found here
Topic 3: How SKALE Network Solve Problems
SKALE network is a problem solver which provides series of solution to some of the glitch or bugs that occur in the Ethereum network, SKALE increase the adoption of Ethereum based applications and decentralized platform and not only that the network make sure that users experience are highly effective. It also makes sure that the transaction are went through within a second and not only that solving the latency in connection to API-based wallets, the network make sure that there is effective and efficient scaling with addresses, security, ecosystem and transaction per second. The SKALE have expansion in storage capacities with a well defined connectivity interchain to the Ethereum mainnet, however all this feature will not be accessible or available if there is no standard validators and a security model which are effective, scalable, and efficient that is carried out the assign tasks.
However, The Ethereum gas fees is one the major challenges to user, SKALE networks provides a nearly zero gas fees cost and with a fast transaction that translate the process into lower latencies, and with this, developers and the user experience will be enjoyable and the gas fees per transaction will be drastically reduced. To know more about the how SKALE networks provides a solution to the Ethereum, kindly see it here
Topic 4: What Are The Uniqueness Of SKALE To Ethereum Blockchain
Upon the successful launched of SKALE on the Ethereum network, it as being provide a great uniqueness for what we can be seen on a decentralized platform, it offers a decentralized cloud for the provision and deployment in high throughput, low latency elastic sidechains with compatibility in Ethereum Virtual machine (EVM). These quality also offers a great activities in configuration settings that include storage capability, networks, and transaction per seconds.
SKALE network are operate based on the command of categories of virtualizes subnodes that was selected from the bigger set of nodes on both SKALE and Ethereum network and this chain use nodes computation and a set of storage resources that deals with an asynchronous byzantine fault tolerant protocol (BFFP) for it consensus mechanism that can message other chain with a well secured interchain messaging program. With all this unique, it also provides a simple gas fees for it operation and both the user and operators will have a great user experience on the ethereum network. Some of the information about the uniqueness of Skale network can be seen by click the link here.
Topic 5: Features Of The SKALE Project:
- SECURITY
- As we know that blockchain is very important and it’s a great tool to reshape businesses but without security and transparency of community assets then it will be inconclusive, with this, SKALE networks came up with four (4) different ideas to sucure the public assets and funds without any kind of dubious attitude from the hackers and untrusted validators. Some of this features are as follows:
a. Byzantine Fault Tolerant: These feature guarantees that the network can reach consensus even when up to one third of participants are hatred or malicious.
b. Asynchronous Protocol: This protocol recognizes latencies of nodes and the network, allowing messages to take an indefinite period of time to deliver.
c.Threshold Signatures: It enable efficient interchain communication and support randomness in node allocation.
d. Leaderless Consensus: In this feature it allow leaderlessness to mitigates the possibility of collusion amongst network participants by ensuring that each has an equal chance to successfully propose and commit new blocks
- Skale Network Delegators And Validators
Without a validators, any Ethereum blockchain projects can not succeed because they make sure that every activities are in place and any newly designed projects can commenced and started operations.SKALE networks validators contains series of people that are well experienced and unique in there fields and they are ranging from miner, developers and well experienced validators, SKALE received almost 700 requests from various validators teams all over the crypto space but with all the request, only few of them were chosen from the team but as time goes on, we will surely add more delegators to the project. There are different ways that all validators in SkALE network will work hands in hands from the project to make sure that the project going on smoothly in operation. Some of this activities include of this following:
a. The SKALE Network separately apportion of resources to one or more node across the entire network system of elastic blockchains.
b. As we know that validators rewards are important, they make sure that distribution of rewards are evenly done across the network of nodes and all the validators and delegators maximize rewards based on meeting performance targets by the system.
c. SKALE is an points of sales system protocol that utilizes a work token to pay evenly to the validators. Most importantly setting up the nodes on the networks and stacking most of the token on the networks are very is simple and takes only a small steps to complete the process.
Topic 6: How Validators And Delegators Were Paid In Skale Network
When it comes to the payment for respective validators in each delegators, the Network determines the amount of money to paid for each of them by calculating the actual inputs by trigger the nodes within the system and this nodes will be based on time with the payment distribution, and it will be generated by the smart contracts that operate on Ethereum mainnet.
The actual calculation was derived through the Elastic chain that was created by the developers to maintaining the sizes on the chain duration and the size may be between large, medium and small but the duration was ranging from 24mo, 12m and 6mo respectively for the provision of staking and Networks. From the rewards getting from staking in mainnet, there is a token derived each month and this token were mostly use for the payment validators within the system. Also the validators were paid through the rewards getting from newly created SKALE projects and when the token reached the investors and it gained value by inflating the project then the bounty pool will easily filled with portions of rewards to be paid to the validators. There are many terms that newbies need to know about the Networks and this include of this following:
a. Delegation: Delegation is the assignment of staking amount that is required by the nodes to run in the basic agreement to return some percentage back to the validator, Delegation is one of the core concepts of any Ethereum blockchain protocol and it done by the agreement of both delegators and validators for purposes of smooth running nodes.
b. Delegation: A delegator is someone or individual who are authorized to the agreements of validators, most importantly, validators can decide to accept or not to accept any offer from delegator, there are over 700 validators for SKALE networks but only few of them were selected.
c. Delegation Time: When the SKALE Network was launched only period of two month were set for delegation, which means its the time in which the delegation as selected by the delegators.
d. Un-Delegation: These simply means the delegators can decide to terminate the mutual agreement by the validator but before the un-delegation occurs, both parties must agree for the termination, in the SKALE Network, the period for un-delegation is 7 days and after 7 days then the contract can come to the ends and once the contract is end then the delegators can now withdraw his or money from the the validators.
e. Money Given As a Reward for Delegator: A bounty reward is earned per number of nodes that are registered on SKALE Network and each of the nodes will only have access to the bounty only when they meet the SKALE requirements and this rewards may include the subscription fee and the inflation.
f. Commissions Fees Paid To The Delegators: These commissions fees are the percentage paid in agreement between the validator and the delegators on SKALE Network and this percentage will be specified by the validator and all the calculations must be taken into the account for audits.
Topic 7: How SKALE Can Be Deployed, Integrates And Created On The Ethereum Network
Based on my previous explanation that SKALE was designed to work together with the all Ethereum validation tools in a way that will help the investor or business to have access to there wallet through API based system and to monitoring and analysis every single activities. I will like to deploy our attention on how those tools was created and how they integrate with ethereum network without any problems.
SKALE makes everything simple through the creation and integration on Ethereum network by completing all the necessary methods of scaling solutions, makes everything decentralized by run file storage in an EVM alongside the smart contracts, and also make money transfer easy through the use of SKALE native bridge for ETH, Dai, ERC20, ERC721 and with all this integration and deployment, developers can be able to put part together for dapps and make the creations very effective, efficient and easily to manage without any problems of problems. To know more about how SKALE can be deployed and created on Ethereum, please kindly click the link here.
Topic 8: What Are The Elastic Sidechain Within The SKALE Network
The SKALE Network offer a professionalism when we talks of elastic sidechains with Ethereum Virtual Machine (EVM) with configurable resource setting that comprised Network size, transaction throughput with storage capacity that enhance security features.Elastic sidechains in the SkALE Network was selected from large set of nodes in the network.They make use of nodes computation and storage resources depending on selected sizes. Asynchronous byzantine is used for consensus mechanism via a secure interchain protocol. Combination of SkALE protocol and SkALE token are use for incentivized execution. Small validator need to des can be used as potential risk to the transaction integrity. SKALE Protocol counter the security risks in using a pooled validation model. Independent sidechains is protected with the resources of the entire network.
a. Elastic sidechain
The most important aspect for elastic Sidechains creation for the end user is that most of the customers only choose their chain configuration to makes payment for the SKALE representative within a specific period of time and they do this just to make sure that their Elastic sidechain are maintained and monitored. With this the SKALE Network helps the consumers in maintaining their sidechains so that the user can meet budgets requirements at the end of the transaction, The delegators gives room for the user to select the Elastic sidechain between the minimum of 16 virtualise sudnodes in the network but for every each virtualised sudnodes uses 1/128, 1/16 and 1/1 respectively and this nodes can be categories based on small, medium and large. For all this function, it will allow the consumer to specifically understand the number of nodes, size and signal that may have effect on Elastic Sidechains.
With all this virtualized subnote, the resources in the network are the same with each other but what make small nodes, medium nodes and large nodes differences from each others is the life span of the chain and maturity and the cost of the network. Once the user begins with the operation and use of the network, the resource used will be calculated and report to the SkALE representative and the user will be informed when their time on the networks are runs out then if the consumer want to continue with the network or they are satisfied then another payment order will be made by the user to the representative and when the network detect some foul play on elastic Sidechains the the manager will notify the developer for shuffling and which means the activities of the user will be monitoring for any attempt of alleviate any subnodes within the Elastic sidechain.
b. What is The Causes Of Elastic Sidechain Destruction
The Elastic sidechain destruction may occur when the customer made the payment for the network service and the life span for network resources is exhausted but as a result of this, the representative as to be notified the customer before he or she can delete the network on their system in order to give notice to the customer, so that they can make payment and add to the life span of the network because once the life span of the network is finished then the Elastic sidechain will be available for destruction by the SKALE Manager, all the asset on that sidechain will be transferred through Ethereum network to the owner and remove every consumer virtualize information from the network and the representative can reset the system before make payment to the people that commenced the destruction on the SKALE Network.
c. How to create Node On SKALE Network
Blockchain is the global networks that connecting to every individuals on the chain, and all this integration can not be successful without the help of nodes because all nodes on the blockchain are interconnected and makes exchanges of transactions with each other, with all this explanation, the nodes providers as be be update theirs system from time to time in order to stay up to date, they have to make sure that all data, storage and information must be taken into account no matter the situation. But before any developers add or subtract to the system, they need to verify weather their nodes are up to date, so Before add anything to SKALE Network, As a prospective customer, you have to submit your nodes daemon and which will all the SKALE Network Manager or representative to play it and and if the nodes verification is successful then, the SKALE manager will allow it to submit a request to join the network, and the customer will make payment for the purchase of virtualize subnodes on the sidechain, all this will be made in the request form, after the request as being accepted and agreed by both parties then the customer nodes will be added to the SkALE network after it as being committed on the Ethereum mainnet.
d. What is The Causes Of Nodes Destruction
For every termination of agreements, every party must come to an agreement to terminate the contract, which means for any nodes destruction by the user, the nodes user must firstly declare the termination and after the finalized time then the user nodes will be deactivated and they will not have access to their stake fund from the network and they have to wait for SKALE manager to finalize the termination of the contract and exist their nodes from the network and the bounty for that period will not be paid then all their stake fund will be scheduled paid after the end of the operation. for more information about Elastic Sidechains and Nodes Destruction,kindly click here
Topic 9. SKALE Token Supply And Exchanges
The SKALE Network token($SKL) is a token that every investors and community see as a future token and they believes that the token as a wide range utility use for the investors, the token was built on a very standard ERC-777 and it was fully backwards compatible with ERC-20, with this, the feature makes it easily for investors, validators and community to fully engage on ethereum network with ERC-20 support. However, The circulating supply at token unlock December 1, 2020 is 564,166,667 SKL. Every bounty from the team and early investors are locked but it may may be for a long term vesting schedule based on the agreement but all this happens in order to incentivized and focus more on creating a sustainable network.
The $SKL token is listed on Binance, Huobi, Uniswap, and a series of other exchanges. For you to see uniswap SKL-ETH trading pool, kindly click here however the $SKL token contract is embedded here, and with all this information,the trading activities will be very easy for the investors. For more information on SKALE token and exchanges, please visit the SKALE website under token categories or click the link here.
Topic 10: Conclusion And Recommendations
In conclusion, this crash course contains the information about what the newbie needs to know about SKALE project, a major review on the best features that can be seen or came across on the project. We trying to identify how SKALE investors and community assets secured on the networks, we trying to identify how SKALE can be deployed, integrate and created on the ethereum network, we go ahead to discuss about the SKALE validators and to what extent they are performing on the networks. Finally, a project can not succeed without exchanges, we let you know that SKALE token is listed on different exchanges but most importantly, the exchange that well known on crypto space like binance, Huobi and uniswap exchanges.
Topic 11: Rating
If I’m to rate the SKALE Network 4.8 I will be excited to make it 5 but for everything that deal with human creativity, there wont be a total perfection in everything, so I give it 4.8 out of 5.
For more information on SKALE Network, please visit the official website below: